ARTICLES OF ASSOCIATION For VESTJYSK BANK A/S Company reg. no. 34 63 13 28 CONTENTS 1. NAME………………………………………………………………………………………………………………………… 1 2. REGISTERED OFFICE……………………………………………………………………………………………… 1 3. OBJECT……………………………………………………………………………………………………………………… 1 4. CAPITAL…………………………………………………………………………………………………………………… 2 5. SHARES…………………………………………………………………………………………………………………… 2 6. MANAGEMENT OF THE BANK………………………………………………………………………………… 2 7. HOLDING, LOCATION AND CONVENING OF GENERAL MEETING………………………… 3 8. GENERAL MEETING, AGENDA………………………………………………………………………………… 4 9. GENERAL MEETING, VOTING RIGHTS AND RESOLUTIONS…………………………………… 4 10. COMMITTEE OF SHAREHOLDERS…………………………………………………………………………… 6 11. BOARD OF DIRECTORS…………………………………………………………………………………………… 7 12. MANAGEMENT………………………………………………………………………………………………………… 8 13. POWER TO BIND THE COMPANY…………………………………………………………………………… 8 14. AUDIT……………………………………………………………………………………………………………………… 8 15. FINANCIAL YEAR AND APPLICATION OF PROFIT…………………………………………………… 9 ARTICLES OF ASSOCIATION 1. NAME 1.1 The name of the bank is Vestjysk Bank A/S 1.2 The bank also carries on business under the following secondary names: - A/S Nordvestbank (Vestjysk Bank A/S) - Holstebro Landmandsbank A/S (Vestjysk Bank A/S) - Lemvig Bank A/S (Vestjysk Bank A/S) - Lemvig Folkebank A/S (Vestjysk Bank A/S) - Lokalbank Vestjylland A/S (Vestjysk Bank A/S) - Vestbank A/S (Vestjysk Bank A/S) - Vestjysk Leasing A/S (Vestjysk Bank A/S) - Vestjysk Lokalbank A/S - NV-Finans A/S (Vestjysk Bank A/S) - VJ-Finans A/S (Vestjysk Bank A/S) - Vestjysk Finans A/S (Vestjysk Bank A/S) - Nordvest Finans A/S (Vestjysk Bank A/S) - VB-Finans A/S (Vestjysk Bank A/S) - nv finans A/S (Vestjysk Bank A/S) - Vestjysk Bolig A/S (Vestjysk Bank A/S) - NV-Ejendom A/S (Vestjysk Bank A/S) 2. REGISTERED OFFICE 2.1 The registered office of the bank is situated in the Municipality of Lemvig 3. OBJECT 3.1 The object of the bank is to carry on banking activities. 3.2 The bank may, however, carry on other business to ensure or settle previously established commitments and with a view to participating in the restructuring of commercial enterprises. 3.3 The bank may carry on other business that is incidental or conducive to the attainment of the said object. 3.4 The bank may carry on other financial business through subsidiaries. 4. CAPITAL 4.1 The share capital of the bank is DKK 86,000,000 distributed on shares of DKK 10 or multiples thereof. 5. SHARES 5.1 The shares shall be registered in the name of the holder and shal be registered in the bank's share register. The shares shall be registered at the Danish Securities Centre. 5.2 In order to be valid vis-à-vis the bank, share transfers shall be registered by the bank. Registration in the name of the holder in the share register shall be conditional upon the bank having received notification about registration from the Danish Securities Centre. The bank does not guarantee the correctness of the notifications received from the Danish Securities Centre. 5.3 The shares shall be negotiable instruments. No shareholder shall be obligated to let his shares be redeemed in whole or in part. 5.4 No shares shall special rights. 6. MANAGEMENT OF THE BANK 6.1 The bank's business shall be discharged by: The General meeting The committee of shareholders The board of directors The management 7 HOLDING; LOCATION AND CONVENING OF GENERAL MEETING 7.1 The annual general meeting will be held each year in February or March in the district of Central Jutland. 7.2 An extraordinary general meeting shall be held when deemed appropriate by the committee as shareholders, the board of directors or the auditors. An extraordinary general meeting for consideration of a specified subject shall be convened not later than 2 weeks after a written request is submitted by shareholders owning at least 1/10 of the share capital. 7.3 A chairman nominated by the board of directors shall preside over the general meeting. 7.4 The chairman shall preside over the general meeting and shall settle all matters relating to the transaction of business and the voting procedure. 7.5 General meetings shall be convened by the board of directors by insertion of a notice in one national newspaper and one or more local newspapers as decided by the board of directors. General meetings shall also be called in writing to any registered shareholder who has requested a written notice. 7.6 The bank and the individual shareholder may agree to communicate electronically by e- mail, via the bank's homepage or other electronic form of communication. For further information on this subject, reference is made to the bank's webside: www.vestjyskbank.dk. 7.7 General meetings shall be convened at not more than 4 weeks' and not less than 8 days' notice. The notice convening such a general meeting shall include the agenda of the meeting. 7.8 No later than eight days prior to a general meeting, the agenda and the complete text of the proposals intended for consideration at the general meeting shall be available for inspection by the shareholders at the bank's offices. In addition, when an annual general meeting is to be held, the audited annual report, including any group accounts, shall also be presented. At the same time, the material referred to above shall be sent to any shareholder who has requested it. 7.9 The press shall have access to the general meetings. 7.10 The board of directors may, when it is considered to be technically secure, decide to offer the shareholders electronic participation in general meetings, which are at the same time attended physically. The shareholders may in this way electronically participate in, express their opinions and vote at the general meeting. If the board of directors decides to go ahead with the above, further information may be found on the bank's website: www.vestjyskbank.dk Shareholders wanting to participate electronically in the general meeting must, prior to this, submit any questions on the agenda or other material for use at the general meeting so that the questions are received by the bank not later than 5 days prior to the general meeting. 8. GENERAL MEETING, AGENDA 8.1 The agenda of the ordinary general meeting shall include: 1. Oral report by the board of directors on the bank's activities in the preceding year. 2. Presentation of audited annual report for adoption. 3. Resolution on application of profit or covering of loss according to the adobted annual report. 4. Election of members to the committee of shareholders. 5. Election of auditor(s). 6. Any proposals by the board of directors or shareholders. 8.2 Each shareholder shall be entitled to have a certain matter considered at the general meeting if it has been submitted in writing to the chairman of the board of directors of the bank before 15 January. 9. GENERAL MEETING, VOTING RIGHTS AND RESOLUTIONS 9.1 Each shareholder shall be entitled to attend the general meeting having obtained an admittance card not later than 3 business days before such meeting. For shareholders whose shares are not registered in their name in the share register, an admittance card shall be issued upon presentation of a deposit slip not more than 5 days old from the Danis Securities C entre or the depository bank (place of deposit) as documentation for the shareholding. The slip shall be accompanied by a written declaration from the shareholder that the shares have not or will not be transferred to another party before the date of the general meeting. 9.2 Each commenced share amount of DKK 500 shall carry 1 vote. No shareholder shall be entitled, by himself/herself or by proxy, to vote on behalf of more than 3% of the share capital. 9.3 Each shareholder shall be entitled to attend the general meeting by prosy or attend together with an adviser. The proxy shall prove his right to participate in the general meeting by resenting the admittance card and a written and dated power of attorney. Power of attorney cannot be granted for more than 12 months. However, power of attorney for the board of directors can be granted for a specific general meeting with a pre-announced agenda. 9.4 Shareholders who have had their shares registered in the share register shall be entitled to vote at the general meeting. 9.5 Shareholders who have acquired shares by transfer shall not be entitled to exercise their voting right in respect of the relevant shares at a general meeting that has been convened unless the shares have been registered in the share register or the shareholder has been given notification of and documented his acquisition. 9.6 All resolutions at general meetings shal be passed by a simple majority of votes unless the legislation or the articles of association contain stricter requirements. 9.7 A written vote shall take place when requested by a shareholder. 9.8 In the event of a parity of votes, an election shall be decided by drawing lots. 9.9 Resolutions to amend the articles of association or dissolve the bank shall only be valid if at least half of the share capital is represented at the general meeting and the proposal is adopted by at least 2/3 of the votes cast and of the voting stock represented at the general meeting. In half of the share capital is not represented at the general meeting but the proposal has been adopted by 2/3 of the votes cast and of the share capital represented at the general meeting, the board of directors shall, within 14 days, convene a new general meeting at which the proposal may e adopted by 2/3 of the votes cast without any regard to the size of capital represented. Amendments to the articles of association proposed by the board of directors or the committee of shareholders shall not require representation of half of the share capital. 9.10 Amendments and additions that may be required by authorities in accordance with the law as a condition for approval or registration of amendments to the articles of associa- tion may be made by the board of directors without approval by the general meeting. 10. COMMITTEE OF SHAREHOLDERS 10.1 The general meeting shall elect a committee of shareholders to perform the tasks stated in article 10.6. 10.2 The size of the committee of shareholders shall be determined by the general meeting upon recommendation of the board of directors. However, the number of committee members shall not exceed 56. 10.3 The members of the committee of shareholders shall be elected for 3 years at a time. Members may be re-elected. Immediately after the ordinary general meeting the committee of shareholders shall elect a chairman and a deputy chairman from among their members by a simple majority of votes. 10.4 Only shareholders who fulfil the statutory conditions regarding suitability and integrity for members of the board of directors of a bank shall be eligible for election. 10.5 Members of the committee of shareholders shall resign at the first ordinary general meeting after they have reached the age of 67. 10.6 The tasks to be performed by the committee of shareholders shall be as follows: 1. To elect members to be board of directors (cf. article 11.1) 2. To contribute to the prosperity of the bank and to assist the board of directors and the management in their work for the bank, for example by procuring any requested information. 3. To determine the fees for the board members 10.7 The committee of shareholders shall not verify the correctness of the annual report nor sign it. 10.8 The committee of shareholders shall meet when deemed necessary by the chairman and when requested by the board of directors, the management or at least 1/5 of the mem- bers of the committee of shareholders. A meeting shall be held at least once every 6 months. The chairman shall ensure that all members are invited. 10.9 The chairman - or in his absence - the deputy chairman shall preside over the meet-ings and shall ensure that any decisions are recorded in the minute book. 10.10 At the biannual meetings, a report on the activities of the bank during the preceding six months shall be presented, and the latest announcement of financiel results shall be re- viewed. 10.11 The committee of shareholders shall constitute a quorum when more than half of all members are present at a meeting. Proposals considered by the committee of share- holders shall be adopted by a simple majority of votes. In the event of a parity of votes, the chairman - or in his absence - the deputy chairman shall have the casting vote. 10.12 The general meeting may decide that the members of the committee of shareholders shall receive a fee for their work. The size of such fee shall be decided at the ordinary general meeting. 11. BOARD OF DIRECTORS 11.1 The board of directors shall consist of not fewer than 4 and not more than 8 members to be elected by and from among the members of the committee of shareholders. Board members shall be elected for 3 years at a time. Board members may be re-elected. In addition, the employees of the bank may be entitled to elect employee representa- tives in pursuance of the relevant provisions of the Danish Companies Act. 11.2 The board of directors shall elect its chairman and deputy chairman. 11.3 If a board member resigns from the committee of shareholders, the board member in question shall at the same time resign from the board. 11.4 Board members shall resign at the first ordinary general meeting after they have reached the age of 67. 11.5 If the number of board members, in case of vacancy, is permanently reduced to fewer than 4, the committee of shareholders shall immediately increase the number of board members to at least 4 11.6 The board of directors shall lay down rules of procedure governing the discharge of its duties. 11.7 The board of directors shall constitute a Quorum when more than half of the board members are present at a board meeting. Proposals considered by the board of directors shall be adopted by a simple majority of votes. In the event of a parity of votes, the chairman shall have the casting vote. 11.8 Minutes of the proceedings at board meetings shall be recorded in a minute book; such minutes to be signed by all board members. 11.9 The board of directors may grant joint power of procuration. 12. MANAGEMENT 12.1 The board of directors shall appoint a management board consisting of 1-3 managers to be responsible for the day-to-day management of the bank. 12.2 The management board shall participate in meetings of the committee of shareholders and the board of directors but shall not be entitled to vote. 13. POWER TO BIND THE COMPANY 13.1 The bank shall be bound in legal transactions by the signature(s) of: 1. The chairman or the deputy chairman together with another board member. 2. A board member together with a manager. 3. Two managers jointly. 4. The entire board of directors. 14. AUDIT 14.1 Subject to the legislation in force at any time, the audit shall be carried out by one or two auditors, of whom at least one shall be a state-authorised public accountant. Audi- tors may be re-elected. 15. FINANCIAL YEAR AND ALLOCATION OF PROFIT 15.1 The financial year of the bank is the calendar year. 15.2 Upon recommendation of the board of directors, the general meeting shall pass a reso- lution on the allocation of any profit after the bank has made any appropriations neces- sary in view of the financial position of the bank. 15.3 The annual dividend shall be distributed through the Danish Securities Centre. ---------- Thus amended by the Board of Directors in conjunction with the enforcement of the capital reduction as resolved at the annual general meeting on 7 March 2007 and the resolution of the merger with Vestjysk Bolig A/S. Lemvig, 13 June 2007